New 10 year lease to Blacks Outdoor Retail Limited t/a Millets (subject to option)
Prime pedestrianised town centre location opposite Marks & Spencer
Close proximity to The Britten Shopping Centre
Nearby retailers include Boots the Chemist, WH Smith, Waterstones, Holland & Barrett and Starbucks
Lot 72
Auction 13th October 2016
Rent
Status Sold
Price £502,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Squafre London W1H 7BG
On behalf of Insolvency Practitioners Deloitte
Property Information
Location
Miles
10 miles south of Great Yarmouth, 27 miles south-east of Norwich
Roads
A12, A146, A11, M11
Rail
Lowestoft Railway Station
Air
Norwich International Airport
Situation
The property is situated on the western side of London Road North, Lowestoft's prime pedestrianised retail thoroughfare. The property is located a short distance from The Britten Shopping Centre which houses retailers including Iceland, WH Smith and Poundland. Other nearby occupiers include Marks & Spencer, Boots the Chemist, WH Smith, Waterstones, Holland & Barrett and Starbucks.
Tenure
Freehold.
Location
Miles
10 miles south of Great Yarmouth, 27 miles south-east of Norwich
Roads
A12, A146, A11, M11
Rail
Lowestoft Railway Station
Air
Norwich International Airport
Situation
The property is situated on the western side of London Road North, Lowestoft's prime pedestrianised retail thoroughfare. The property is located a short distance from The Britten Shopping Centre which houses retailers including Iceland, WH Smith and Poundland. Other nearby occupiers include Marks & Spencer, Boots the Chemist, WH Smith, Waterstones, Holland & Barrett and Starbucks.
Tenure
Freehold.
Description
The property comprises ground floor retail accommodation with ancillary accommodation on the first and second floors. The tenant is intending to temporarily close the unit to undertake a substantial refurbishment programme.
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Insolvency Practitioners and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Insolvency Practitioners are acting without personal liability.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises ground floor retail accommodation with ancillary accommodation on the first and second floors. The tenant is intending to temporarily close the unit to undertake a substantial refurbishment programme.
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Insolvency Practitioners and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Insolvency Practitioners are acting without personal liability.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews/(Reversion)
Ground First Second
Retail/Ancillary Ancillary Ancillary
230.00 sq m 57.50 sq m 28.10 sq m
(2,476 sq ft) (619 sq ft) (302 sq ft)
BLACKS OUTDOOR RETAIL LIMITED (1) (t/a Millets)
10 years from 25/03/2016 (2) on a full repairing and insuring lease
£40,000
24/03/2021 (24/03/2026)
Totals
315.60 sq m
(3,397 sq ft)
£40,000
(1) Blacks Outdoor Retail Limited is a subsidiary (and part of The Outdoor Division) of JD Sports Fashion plc, currently trading from around 80 Millets and 74 Blacks stores. (Source: www.jdplc.com and www.millets.co.uk). (2) The lease is subject to a tenant option to determine on 24th March 2021.